Dame Violet Wills Charitable Trust
ANNUAL REPORT
AND
ACCOUNTS
FOR THE YEAR ENDED
31 DECEMBER 2022
Registered Charity No 219485
Dame Violet Wills Charitable Trust
TRUSTEES ANNUAL REPORT - YEAR ENDED 31 DECEMBER 2022
Dame Violet Wills Charitable Trust
Reference Information
| Charity Number | 219485 | |
|---|---|---|
| The Trustees | D.R. Caporn | Chairman |
| Rev R.W. Lockhart | Vice-Chairman | |
| Mrs E. Street | Secretary | |
| Y.A. Potjewijd | Treasurer | |
| Mrs R.E. Peskett | J. Hollman | |
| Miss R.C. Daws | Rev Dr E.C. Lucas | |
| J.D. Norris | J.P. Marsh | |
| D.G. Cleave (retired June 2022) | ||
| Principal Address | 3 Cedar Way | |
| St Mary’s Park | ||
| Portishead | ||
| Bristol | ||
| BS20 6TT | ||
| Independent Examiner | Andrew Jordan FCA | |
| Haines Watts | ||
| Chartered Accountants | ||
| Bath House | ||
| 6-8 Bath Street | ||
| Bristol | ||
| BS1 6HL | ||
| Bankers | National Westminster Bank | |
| 40 Queens Road | ||
| Clifton | ||
| Bristol BS99 5AD | ||
| Investment Managers | Brewin Dolphin | |
| The Parsonage | ||
| Bristol BS1 6BX |
Page 1
Dame Violet Wills Charitable Trust
TRUSTEES ANNUAL REPORT - YEAR ENDED 31 DECEMBER 2022 (continued )
Introduction
The Trustees present their annual report together with the independently examined financial statements for the year ended 31 December 2022. The Trustees confirm that the annual report and the financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity’s governing document and the provision of the Statements of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements.
Objective and Activities
During her lifetime, Dame Violet Wills was intensely interested in all forms of Christian work, especially those of an Evangelical nature. She gave liberally of her money to this end. In 1954, arrangements commenced towards the setting up of a Charitable Trust to maximise the monies available for this work which would continue after death. She remained personally interested in the Trust until her death.
The Trust’s objectives are to support Evangelical Christian activities both within the UK and overseas.
The main activities of the Trust are to identify suitable activities to support and carefully appraise the level of support which may or may not be made by the Trust. The Trustees meet at least annually to review and determine the level of support for each cause identified. In addition to the meetings, Trustees keep in regular contact with causes supported to ensure that the funds given are of benefit to the recipients.
In selecting the causes to support, Trustees are aware of the Charity Commission policy around the need for the Charity’s activities to be for the public benefit. All the gifts made by the charity are to support activities which benefit the public in various ways. The purpose of the support granted by the charity is to enable individuals and organisations to undertake Christian evangelism, Christian caring both in the UK and abroad. The direct beneficiaries of their work are the many people who benefit from their ministries and with whom they are in contact or work.
In addition, Trustees give careful consideration to the investment strategy adopted by the Trust and working closely with the investment managers to ensure the risk profile adopted by the Trust is adequate and provides the necessary level of income and future capital growth.
Page 2
Dame Violet Wills Charitable Trust
TRUSTEES ANNUAL REPORT - YEAR ENDED 31 DECEMBER 2022 (continued )
Achievement and performance
The Trustees have been pleased with the financial performance generated by the investments despite a challenging financial market. The income generated by the investments has allowed Trustees to support around 70 different causes. Based on the feedback received, the support has enabled the furtherance of Christian outreach in the UK and overseas.
Financial Review
The trust continues to adopt a total return approach to its investment. Despite the turbulent stock market in the last quarter of 2022, the Trust is still aiming to generate the same level of income year on year which is remains at 3.5% of the average portfolio value for the last 3 years.
During the year, the Trust generated income from investment activities of £46,623 compared with income of £43,693 in the prior year.
Expenditure amounted to £82,534 (2021: £74,037). In line with the wider financial market, the investments portfolio suffered significant losses in the last quarter of 2022. This resulted in a loss of £349,891 during the period (2021: £240,485 gain). Overall the Trust generated a net loss of £385,802 (2021: £210,141 profit).
Trustees are aware of the volatility of financial markets which has a direct impact on the Trust’s ability to distribute grants in the future. Trustees continue to monitor the level of income and are pleased with the portfolio performance in the first quarter.
The Trust’s work is entirely reliant on income and investment returns from its endowments. The Trusts finances are held in separate funds as follows:
| finances are held in separate funds as follows: | finances are held in separate funds as follows: |
|---|---|
| Fund Purpose |
|
| Unrestricted Fund This Fund receives the revenue from the Expendable Endowment Fund and uses it to fund thegrants and the costs of the charity. |
|
| Expendable Endowment Fund |
The Trustees have decided to show the Endowment of the Trust as a separate Fund. This Fund is currently used to generate revenue for grants. However, the Trust Deed permits both revenue and the endowment to be utilised at the discretion of the Trustees. |
Investment Policy
This activity is governed by the Trust Investment Policy.
Money originally placed in the Trust has been managed, with reference to qualified Investment Managers, with the object of providing maximum income whilst not accepting risk to capital beyond the Trustees risk appetite. During the year the Trustees have worked with the Investment Managers
Page 3
Dame Violet Wills Charitable Trust
TRUSTEES ANNUAL REPORT - YEAR ENDED 31 DECEMBER 2022 (continued )
to evaluate the Trust’s risk appetite. The Investment Managers have a discretionary mandate to act for the Trustees. They were appointed with reference to the guidelines of the Charity Commission.
There are no restrictions on the Charity's power to invest. Stock Market investments, Money Market and Bank accounts are all utilised to provide income and cash liquidity required for the Trust operation.
Reserves
The Trust’s Reserves policy has designated the expendable endowment (capital) for the generation of income. A credit balance is maintained to allow for fluctuations in investment returns. The Trust’s reserves policy is to hold approximately one year’s worth of grants in cash. As at 31 December 2022, £73,971 (2021: £76,585) was held equating to approximately 12 months of grant expenditure.
The Trust holds no other reserves.
Structure, Governance and Management
The Trust is a registered charity, number 219485 and is constituted under a trust deed signed in December 1955.
No Trustees receive remuneration for their service as Trustees but the Trust has procured services from individuals where it has been in the Trust’s best interests as noted in note 4. In such instances the Trust has followed guidance issued by the Charity Commission.
The charity has no direct relationship with any other charity.
Recruitment and Appointment of Trustees
New Trustees are selected on the basis of their experience, skills and knowledge of Christian work in particular areas across the world.
The responsibility for appointing new Trustees is vested in the Trustee body, and Trustees continue to serve without any specified term of office. The procedure for appointing new Trustees is contained within a Trustee Policy document which describes the method the Trustees use for selection, assessment, induction and training.
In 2022, the Trustees met formally on 16 June to discuss their research and to agree the level of grant to each cause.
Page 4
Dame Violet Wills Charitable Trust
TRUSTEES ANNUAL REPORT - YEAR ENDED 31 DECEMBER 2022 (continued )
Statement of Trustees' responsibilities
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business;
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 15 June 2023 and signed on its behalf by:
.............................................
D Caporn
Page 5
Independent examiners’ report to the Trustees of Dame Violet Wills Charitable Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2022 which are set out on pages 7 to 16.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Andrew Jordan FCA Haines Watts Chartered Accountants 6-8 Bath Street Bristol BS1 6HL
7 July 2023
Page 6
Dame Violet Wills Charitable Trust
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted | Endowment | Total Funds | Total Funds | ||
|---|---|---|---|---|---|
| Note | Fund | Fund | 2022 | 2021 | |
| £ | £ | £ | £ | ||
| Income and endowments from: | |||||
| Investments | 2 | 121 | 46,502 | 46,623 | 43,693 |
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ||
| Total income and endowments | 121 | 46,502 | 46,623 | 43,693 | |
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ||
| Expenditure on: | |||||
| Charitable activities | 3 | 69,483 | ‐ | 69,483 | 58,875 |
| Raising funds | 5 | ‐ | 13,051 | 13,051 | 15,162 |
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ||
| Total Expenditure | 69,483 | 13,051 | 82,534 | 74,037 | |
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ||
| Net (loss) / gains | |||||
| on investments | 8 | ‐ | (349,891) | (349,891) | 240,485 |
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ||
| Net (Expenditure) / Income | (69,362) | (316,440) | (385,802) | 210,141 | |
| Transfer between funds | 6 & 7 | 66,502 | (66,502) | ‐ | ‐ |
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ||
| Net movement in funds | (2,860) | (382,942) | (385,802) | 210,141 | |
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ||
| Reconciliation of funds | |||||
| Total funds at 1 January | 36,467 | 2,342,552 | 2,379,019 | 2,168,878 | |
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ||
| Total funds at 31 December | 33,607 | 1,959,610 | 1,993,217 | 2,379,019 | |
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ |
All Activities relate to continuing operations
The notes on pages 10 to 16 form part of these accounts
Page 7
Dame Violet Wills Charitable Trust
BALANCE SHEET AT 31 DECEMBER 2022
| Note | 31/12/2022 | 31/12/2021 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed Assets | |||||
| Investments | 8 | 1,924,125 | 2,307,846 | ||
| Current Assets | |||||
| Cash at Bank and in hand | 9 | 73,971 | 76,585 | ||
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ||||
| 73,971 | 76,585 | ||||
| Liabilities | |||||
| Creditors: Amounts falling | |||||
| due within one year | 10 | (4,879) | (5,412) | ||
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ||||
| Net Current Assets | 69,092 | 71,173 | |||
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ||||
| Net Assets | 1,993,217 | 2,379,019 | |||
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ||||
| The funds of the Charity | 1, 14 | ||||
| General Unrestricted Fund | 33,607 | 36,467 | |||
| Endowment Fund | 1,959,610 | 2,342,552 | |||
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ||||
| 1,993,217 | 2,379,019 | ||||
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ |
Approved by the Board of Trustees and signed on its behalf by
D Caporn
D Caporn Trustee
Charity registration : 219485
The notes on pages 10 to 16 form part of these accounts
Page 8
Dame Violet Wills Charitable Trust
STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2022
| Note | Total Funds | Prior Year | |
|---|---|---|---|
| 31/12/2022 | 31/12/2021 | ||
| £ | £ | ||
| Net cash used in operating activities | 13 | (82,946) | (74,864) |
| Cash flows from investing activities: | |||
| Interest and dividends | 46,502 | 43,689 | |
| Proceeds from sale of investments | 263,816 | 736,607 | |
| Purchase of investments | (229,986) | (697,934) | |
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ||
| Net cash provided by investing activities | 80,332 | 82,362 | |
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ||
| Change in cash and cash equivalents in the year | (2,614) | 7,498 | |
| Cash and cash equivalent brought forward | 76,585 | 69,087 | |
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ||
| Cash and cash equivalents carried forward | 73,971 | 76,585 | |
| ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ | ‐‐‐‐‐‐‐‐‐‐‐‐‐‐ |
Page 9
Dame Violet Wills Charitable Trust
Notes for the year ended 31 December 2022
1 Accounting Policies
Basis for Accounting
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019), Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS102. The Charity is regarded as a small entity and has therefore taken all necessary exemptions available under FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern as they consider that there are sufficient cash reserves to meet the charity's liabilities as they fall due.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued 16 July 2014 rather than the Accounting and Reporting of Charities: Statement of Recommended Practice effective from 1 April 2015 which has since been withdrawn.
The Trustees present their annual report together with the independently examined financial statements for the year ended 31 December 2022. The Trustees confirm that the annual report and the financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity’s governing document and the provision of the Statements of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements.
Accounting for Income and Expenditure
Income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure, inclusive of VAT, is included on an accruals basis. All costs are allocated between expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on the basis set out in Note 3.
Page 10
Dame Violet Wills Charitable Trust
Notes for the year ended 31 December 2022
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such as grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end and grants offered at the year end are noted as a commitment, but not accrued as expenditure.
Financial Instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Accounting for Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Charity does not acquire put options, derivatives or other complex financial instruments.
Fund Accounting
| und Accounting | |
|---|---|
| Fund | Purpose |
| Unrestricted Fund | This Fund receives the revenue from the Expendable Endowment Fund and uses it to fund thegrants and the costs of the charity. |
| Expendable Endowment Fund |
The Trustees have decided to show the Endowment of the Trust as a separate Fund. This Fund is currently used to generate revenue for grants. However, the Trust Deed permits both revenue and the endowment to be utilised at the discretion of the Trustees. |
Taxation
The Trust is a Registered Charity and accordingly is exempt from taxation on its income and gains which are all used for charitable purposes.
Short term liquid investments and cash
Cash at bank is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.
Page 11
Dame Violet Wills Charitable Trust
Notes for the year to 31 December 2022
| 2 | Investment Income | 2022 | 2021 | |||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Dividends and Loan Stock Interest | 46,502 | 43,689 | ||||
| Interest | 121 | 4 | ||||
| ----------- | ----------- | |||||
| 46,623 | 43,693 | |||||
| ----------- | ----------- | |||||
| 3 | Analysis of expenditure on charitable | activities | ||||
| Expenditure directly | Activities | |||||
| allocated to | undertaken | Grant funding | Support | |||
| activities | directly | of activities | Costs | Total 2022 | Total 2021 | |
| £ | £ | £ | £ | £ | ||
| Grant making | - | 66,470 | 3,013 | 69,483 | 58,875 | |
| ----------- | ----------- | ----------- | ----------- | ----------- | ||
| Total | - | 66,470 | 3,013 | 69,483 | 58,875 | |
| ----------- | ----------- | ----------- | ----------- | ----------- |
A further analysis of grants made is included in note 11.
Support costs include £1,900 (2021: £1,855) paid to Trustees for services provided, £175 (2021: £nil) for expenses in connection with the Trustees' meeting, £72 (2021: £75) in relation to stationery and £738 (2021: £708) in relation to independent examination fees.
| 4 | Staff Costs | 2022 | 2021 |
|---|---|---|---|
| £ | £ | ||
| Clerical Support | 925 | 1,000 | |
| Technical Assistance | 900 | 855 | |
| ----------- |
----------- | ||
| Total | 1,825 | 1,855 | |
| ----------- |
----------- |
The Trust does not employ staff directly.
In 2022 £550 (2021: £500) was paid to Mr J. Marsh, a Trustee for clerical support. In the same period £375 (2021: £500) was paid to Mrs E. Street, a trustee for clerical support. Technical assistance includes £900 for accountancy services provided by Mr Y. Potjewijd in the financial management and preparation of the Trust's annual statements (2021: £855).
These payments are made in accordance with the terms of the Trust Deed.
| 5 | Other | 2022 | 2021 |
|---|---|---|---|
| £ | £ | ||
| Investment Management cost | 13,051 | 15,162 | |
| ----------- |
----------- |
Page 12
Dame Violet Wills Charitable Trust
Notes for the year to 31 December 2022
| 6 | Endowment - Total return | For investment | Return | Total |
|---|---|---|---|---|
| £ | £ | £ | ||
| At 1 January 2021 | ||||
| Gift component of the permanent endowment | 2,137,229 | - | 2,137,229 | |
| Unapplied total return | - | 205,323 | 205,323 | |
| ----------- | ----------- | ----------- | ||
| 2,137,229 | 205,323 | 2,342,552 | ||
| ----------- | ----------- | ----------- | ||
| Movements in the reporting period | ||||
| Investment return - dividends and interest | - | 46,502 | 46,502 | |
| Investment return - realised and unrealised gains | - | (349,891) | (349,891) | |
| Less investment management costs | - | (13,051) | (13,051) | |
| ----------- | ----------- | ----------- | ||
| - | (316,440) | (316,440) | ||
| Unapplied total return allocated to income | - | (66,502) | (66,502) | |
| ----------- | ----------- | ----------- | ||
| Net movement in reporting period | - | (382,942) | (382,942) | |
| ----------- | ----------- | ----------- | ||
| At the end of the reporting period | 2,137,229 | (177,619) | 1,959,610 | |
| ----------- | ----------- | ----------- |
7 Transfers
In line with the total return approach adopted to the endowment funds, the unapplied total return loss is recorded as part of the endowment. The trustees are aware of the losses generated in the year but are confident that the underlying basis of the investments remains sound. This has been confirmed as the value of investments has increased in the first quarter of 2023.
As a result, £66,502 was transferred to the unrestricted fund to cover grants and other costs, In 2022, there was a transfer of £63,689.
8 Investments
| Investments | |
|---|---|
| Listed securities | |
| £ | |
| Market value | |
| At 1 January 2022 | 2,307,846 |
| Additions | 229,986 |
| Disposal proceeds | (263,816) |
| Losses (realised and unrealised) | (349,891) |
| ------------ | |
| Market Value at end of year | 1,924,125 |
| ------------ | |
| Historical costs | 1,927,649 |
| ------------ |
By the Trust Deed, the Investments are not subject to the limitations of the Trustee Investment Act. As at the balance sheet date, no investment represented more than 5%.
Page 13
Dame Violet Wills Charitable Trust
Notes for the year to 31 December 2022
| 9 | Cash at Bank | 2022 | 2021 | ||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| National Westminster Bank accounts | 62,044 | 50,421 | |||||
| Brewin Dolphin | 11,927 | 26,164 | |||||
| ------------ | ------------ | ||||||
| Total | 73,971 | 76,585 | |||||
| ------------ | ------------ | ||||||
| **10 ** | Creditors: Amounts falling due within one year | 2022 | 2021 | ||||
| £ | £ | ||||||
| Unpaid expenses | 4,879 | 5,412 | |||||
| ------------ | ------------ | ||||||
| Total | 4,879 | 5,412 | |||||
| ------------ | ------------ | ||||||
| **11 ** | Analysis of Grants | ||||||
| Current year | Prior year | ||||||
| Grants to | Support | Total | Grants to | Support | Total | ||
| Institutions | costs | Institutions | costs | ||||
| £ | £ | £ | £ | £ | £ | ||
| The grants made to causes can be summarised as follows: | |||||||
| Training and | |||||||
| bursaries | 6,140 | 278 | 6,418 | 3,880 | 184 | 4,064 | |
| Media | 10,540 | 478 | 11,018 | 8,760 | 415 | 9,175 | |
| UK Organisations | 16,420 | 744 | 17,164 | 14,130 | 670 | 14,800 | |
| Foreign | |||||||
| Organisations | 8,800 | 399 | 9,199 | 9,290 | 440 | 9,730 | |
| UK People related | 15,900 | 721 | 16,621 | 13,000 | 617 | 13,617 | |
| Foreign People | |||||||
| related | 8,670 | 393 | 9,063 | 7,150 | 339 | 7,489 | |
| ----------- | ----------- | ----------- | ----------- | ----------- | ----------- | ||
| Total | 66,470 | 3,013 | 69,483 | 56,210 | 2,665 | 58,875 | |
| ----------- | ----------- | ----------- | ----------- | ----------- | ----------- |
All grants are paid to organisations and are used for their one of the purposes outlined above. In excess of 70 different grants were made and no one beneficiary receives a grant which represents a material amount to the charity.
12 Trustee Remuneration and Related Party Transactions
Remuneration was paid to three trustees during the year (2021: three), details of which are disclosed in note 4. Expenses for travel & admin expenses were reimbursed to Trustees during the year amounting to £175 (2021: £nil). No Trustee has any personal interest in any contract or transaction during the year, except as disclosed in note 4.
During the year and the prior year, the charity paid grants to various organisations that have trustees in common with the Dame Violet Wills Charitable Trust. All grants made by the charity are subject to close scrutiny by all Trustees and the same strict authorisation procedures are followed for all grants. No Trustees received any personal benefit (direct or otherwise) as a result of the grants.
Page 14
Dame Violet Wills Charitable Trust
Notes for the year to 31 December 2022
13 Reconciliation of net movement in fund to net cash flow from operating activities
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Net movement in funds | (385,802) | 210,141 |
| Deduct investment income shown in investing activities | (46,502) | (43,693) |
| Add back losses / (deduct gains) on investments | 349,891 | (240,485) |
| (Decrease) / Increase in creditors | (533) | (831) |
| ----------- | ----------- | |
| Net cash used in operating activities | (82,946) | (74,868) |
| ----------- | ----------- |
14 Analysis of net assets between funds
| Current year | Prior year | |||||
|---|---|---|---|---|---|---|
| **Unrestricted ** | Endowment | Total | **Unrestricted ** | Endowment | Total | |
| Funds | Fund | Funds | Fund | |||
| £ | £ | £ | £ | £ | £ | |
| Investments | 1,924,125 | 1,924,125 | 2,307,846 | 2,307,846 | ||
| Current assets | 35,257 | 38,714 | 73,971 | 38,117 | 38,468 | 76,585 |
| Current liabilities | (1,650) | (3,229) | (4,879) | (1,650) | (3,762) | (5,412) |
| -------------- | -------------- | -------------- | -------------- | -------------- | -------------- | |
| Total | 33,607 | 1,959,610 | 1,993,217 | 36,467 | 2,342,552 | 2,379,019 |
| -------------- | -------------- | -------------- | -------------- | -------------- | -------------- |
15 Analysis of charitable funds
| Funds b/f | (Losses) and | Funds c/f | ||||
|---|---|---|---|---|---|---|
| Analysis of Funds | 01/01/2022 | Income | Expenditure | Transfers | Gains | 31/12/2022 |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted Funds | 36,467 | 121 | (69,483) | 66,502 | - | 33,607 |
| Endowment Fund | 2,342,552 | 46,502 | (13,051) | (66,502) | (349,891) | 1,959,610 |
| -------------- | ----------- | ----------- | ----------- | ----------- | -------------- | |
| Total | 2,379,019 | 46,623 | (82,534) | - | (349,891) | 1,993,217 |
| -------------- | ----------- | ----------- | ----------- | ----------- | -------------- | |
| Funds b/f | Gains and | Funds c/f | ||||
| Analysis of Funds | 01/01/2021 | Income | Expenditure | Transfers | (losses) | 31/12/2021 |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted Funds | 31,649 | 4 | (58,875) | 63,689 | - | 36,467 |
| Endowment Fund | 2,137,229 | 43,689 | (15,162) | (63,689) | 240,485 | 2,342,552 |
| -------------- | ----------- | ----------- | ----------- | ----------- | -------------- | |
| Total | 2,168,878 | 43,693 | (74,037) | - | 240,485 | 2,379,019 |
| -------------- | ----------- | ----------- | ----------- | ----------- | -------------- |
Page 15
Dame Violet Wills Charitable Trust
Notes for the year to 31 December 2022
16 Comparative Statement of financial activities for the year ended 31 December 2021
| Note | Unrestricted | Endowment | Total Funds | |
|---|---|---|---|---|
| Fund | Fund | 2021 | ||
| £ | £ | £ | ||
| Income and endowments from: | ||||
| Investments | 3 | 4 | 43,689 | 43,693 |
| ----------- | ----------- | ----------- | ||
| Total income and endowments | 4 | 43,689 | 43,693 | |
| ----------- | ----------- | ----------- | ||
| Expenditure on: | ||||
| Charitable activities | 4 | 58,875 | - | 58,875 |
| Raising funds | 6 | - | 15,162 | 15,162 |
| ----------- | ----------- | ----------- | ||
| Total Expenditure | 58,875 | 15,162 | 74,037 | |
| ----------- | ----------- | ----------- | ||
| Net gains on investments | 8 | - | 240,485 | 240,485 |
| ----------- | ----------- | ----------- | ||
| Net Income / (Expenditure) | (58,871) | 269,012 | 210,141 | |
| Transfer between funds | 7 | 63,689 | (63,689) | - |
| ----------- | ----------- | ----------- | ||
| Net movement in funds | 4,818 | 205,323 | 210,141 | |
| ----------- | ----------- | ----------- | ||
| Reconciliation of funds | ||||
| Total funds at 1 January 2021 | 31,649 | 2,137,229 | 2,168,878 | |
| ----------- | --------------- | --------------- | ||
| Total funds at 31 December 2021 | 36,467 | 2,342,552 | 2,379,019 | |
| ----------- | --------------- | --------------- |
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